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自2001年我国取消黄金统购统配政策以来,黄金市场获得了快速发展,2011年,我国上海黄金交易所交易量达到7438.46吨,是2002年的175倍,上海期货交易所的黄金期货交易量达到1.44万吨,已经成为全球第三大黄金期货交易所。尽管我国黄金市场发展迅速,但总体而言,我国黄金市场还没有定价影响力,国内金价仍为国际金价的影子价格,这与我国作为世界第一大产金国和第二大黄金消费国的地位极为不符。研究分析国内外黄金价差的变化特征,对进一步完善我国黄金市场定价体系,促进黄金市场功能的有效发挥具有重要意义。
Since China abolished the gold monopoly policy in 2001, the gold market has witnessed rapid development. In 2011, the trading volume of Shanghai Gold Exchange reached 7,438.46 tons, 175 times that of 2002. The trading volume of gold futures on the Shanghai Futures Exchange reached 14,400 tons, has become the world’s third-largest gold futures exchange. In spite of the rapid development of China’s gold market, on the whole China’s gold market has no pricing power. The domestic gold price is still the shadow price of the international gold price. This is in line with China’s status as the world’s largest producer of gold and the second largest consumer of gold Very inconsistent status. Studying and analyzing the changing characteristics of the gold spread at home and abroad is of great significance to further improve the pricing system of China’s gold market and promote the effective functioning of the gold market.